Exhibit 4.1
Warrant
THIS WARRANT AND THE SHARES OF COMMON STOCK
ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER
EITHER THE SECURITIES ACT OF 1933 (THE "ACT") OR APPLICABLE STATE
SECURITIES LAWS (THE "STATE ACTS") AND SHALL NOT BE SOLD, PLEDGED,
HYPOTHECATED, DONATED, OR OTHERWISE TRANSFERRED (WHETHER OR NOT FOR
CONSIDERATION) BY THE HOLDER EXCEPT UPON THE ISSUANCE TO THE
COMPANY OF A FAVORABLE OPINION OF COUNSEL OR SUBMISSION TO THE
COMPANY OF SUCH EVIDENCE AS MAY BE SATISFACTORY TO COUNSEL TO THE
COMPANY, IN EACH SUCH CASE, TO THE EFFECT THAT ANY SUCH TRANSFER
SHALL NOT BE IN VIOLATION OF THE ACT AND THE STATE ACTS.
WARRANT TO PURCHASE 300,000 SHARES OF COMMON STOCK
ART DIMENSIONS, INC.
(a
Colorado Corporation)
Not Transferable or Exercisable Except
Upon Conditions Herein Specified
Void after 5:00 O'Clock p.m.,
Mountain Standard Time, on May 31, 2013
ART DIMENSIONS, INC. , a Colorado
corporation (the "Company") hereby certifies that SPYGLASS
INVESTMENT PARTNERSHIP , a partnership organized under the laws
of the State of Colorado, its registered successors and permitted
assigns registered on the books of the Company maintained for such
purposes as the registered holder hereof (the "Holder"), for value
received, is entitled to purchase from the Company the number of
fully paid and non-assessable shares of Common Stock of the Company
(the "Shares"), stated above at the purchase price of $.001 per
Share (the "Exercise Price") (the number of Shares and Exercise
Price being subject to adjustment as hereinafter provided) upon the
terms and conditions herein provided.
1. Exercise of Warrants.
(a) Subject to subsection (b) of this Section
1, upon presentation and surrender of this Warrant Certificate,
with the attached Purchase Form duly executed, at the principal
office of the Company at 3636 S. Jason Street, Englewood,
Colorado 80110, or at such other place as the Company
may designate by notice to the Holder hereof, together with a
certified or bank cashier's check payable to the order of the
Company in the amount of the Exercise Price times the number of
Shares being purchased, the Company shall deliver to the Holder
hereof, as promptly as practicable, certificates representing the
Shares being purchased. This Warrant may be exercised in whole or
in part; and, in case of exercise hereof in part only, the Company,
upon surrender hereof, will deliver to the Holder a new Warrant
Certificate or Warrant Certificates of like tenor entitling the
Holder to purchase the number of Shares as to which this Warrant
has not been exercised.
(b) This Warrant may be exercised in whole or
in part at any time prior to 5:00 o'clock P.M., Mountain Standard
Time, on May 31, 2013.
2. Exchange and Transfer of Warrant.
This Warrant (a) at any time prior to the exercise hereof, upon
presentation and surrender to the Company, may be exchanged, alone
or with other Warrants of like tenor registered in the name of the
Holder, for another Warrant or other Warrants of like tenor in the
name of such Holder exercisable for the same aggregate number of
Shares as the Warrant or Warrants surrendered, and (b) may be sold,
transferred, hypothecated or assigned, in whole or in part.
3. Rights and Obligations of Warrant
Holder.
(a) The Holder of this Warrant Certificate
shall not, by virtue hereof, be entitled to any rights of a
stockholder in the Company, either at law or in equity; provided,
however, in the event that any certificate representing the Shares
is issued to the Holder hereof upon exercise of this Warrant, such
Holder shall, for all purposes, be deemed to have become the holder
of record of such Shares on the date on which this Warrant
Certificate, together with a duly executed Purchase Form, was
surrendered and payment of the Exercise Price was made,
irrespective of the date of delivery of such Share certificate. The
rights of the Holder of this Warrant are limited to those expressed
herein and the Holder of this Warrant, by its acceptance hereof,
consents to and agrees to be bound by and to comply with all the
provisions of this Warrant Certificate, including, without
limitation, all the obligations imposed upon the Holder hereof by
Sections 2 and 5 hereof. In addition, the Holder of this Warrant
Certificate, by accepting the same, agrees that the Company may
deem and treat the person in whose name this Warrant Certificate is
registered on the books of the Company maintained for such purpose
as the absolute, true and lawful owner for all purposes whatsoever,
notwithstanding any notation of ownership or other writing thereon,
and the Company shall not be affected by any notice to the
contrary.
(b) No Holder of this Warrant Certificate, as
such, shall be entitled to vote or receive distributions or to be
deemed the holder of Shares for any purpose, nor shall anything
contained in this Warrant Certificate be construed to confer upon
any Holder of this Warrant Certificate, as such, any of the rights
of a stockholder of the Company or any right to vote, give or
withhold consent to any action by the Company, whether upon any
recapitalization, issue of stock, reclassification of stock,
merger, conveyance or otherwise, receive notice of meetings or
other action affecting stockholders (except for notices provided
for herein), receive distributions, subscription rights, or
otherwise, until this Warrant shall have been exercised and the
Shares purchasable upon the exercise thereof shall have become
deliverable as provided herein; provided, however, that any such
exercise on any date when the stock transfer books of the Company
shall be closed shall constitute the person or persons in whose
name or names the certificate or certificates for those Shares are
to be issued as the record holder or holders thereof for all
purposes at the opening of business on the next succeeding day on
which such stock transfer books are open, and the Warrant
surrendered shall not be deemed to have been exercised, in whole or
in part as the case may be, until the next succeeding day on which
stock transfer books are open for the purpose of determining
entitlement to distributions on the Company's common stock.
4. Shares Underlying Warrants. The
Company covenants and agrees that all Shares delivered upon
exercise of this Warrant shall, upon delivery and payment
therefore, be duly and validly authorized and issued, fully-paid
and non-assessable, and free from all stamp taxes, liens, and
charges with respect to the purchase thereof. In addition, the
Company agrees at all times to reserve and keep available an
authorized number of Shares sufficient to permit the exercise in
full of this Warrant.
5. Disposition of Warrants or
Shares.
(a) The holder of this Warrant Certificate and
any transferee hereof or of the Shares issuable upon the exercise
of the Warrant Certificate, by their acceptance hereof, hereby
understand and agree that the Warrant, and the Shares issuable upon
the exercise hereof, have not been registered under either the
Securities Act of 1933 (the "Act") or applicable state securities
laws (the "State Acts") and shall not be sold, pledged,
hypothecated, donated, or otherwise transferred (whether or not for
consideration) except upon the issuance to the Company of a
favorable opinion of counsel or submission to the Company of such
evidence as may be satisfactory to counsel to the Company, in each
such case, to the effect that any such transfer shall not be in
violation of the Act and the State Acts. It shall be a condition to
the transfer of this Warrant that any transferee thereof deliver to
the Company its written agreement to accept and be bound by all of
the terms and conditions of this Warrant Certificate.
(b) The stock certificates of the Company that
will evidence the shares of Common Stock with respect to which this
Warrant may be exercisable will be imprinted with conspicuous
legend in substantially the following form:
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"The securities represented by this
certificate have not been registered under either the Securities
Act of 1933 (the "Act") or applicable state securities laws (the
"State Acts") and shall not be sold, pledged, hypothecated, donated
or otherwise transferred (whether or not for consideration) by the
holder except upon the issuance to the Company of a favorable
opinion of its counsel or submission to the company of such other
evidence as may be satisfactory to counsel of the Company, in each
such case, to the effect that any such transfer shall not be in
violation of the Act and the State Acts."
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The Company does not file, and does not in the
foreseeable future contemplate filing, periodic reports with the
Securities and Exchange Commission ("SEC") pursuant to the
provisions of the Securities Exchange Act of 1934, as amended.
Except as provided in Section 8 of this Warrant, the Company has
not agreed to register any of the holder's shares of Common Stock
of the Company with respect to which this Warrant may be
exercisable for distribution in accordance with the provisions of
the Act or the State Acts and, the Company has not agreed to comply
with any exemption from registration under the Act or the State
Acts for the resale of the holder's shares of Common Stock of the
Company with respect to which this Warrant may be exerc